“No stone will be left unturned”, according to Dr. Nigel Clarke, Minister of Finance and Public Service, in the inquiry into the suspected fraud at the regional investment business Stocks and Securities Limited (SSL).
- Advertisement -
Additionally, Dr. Clarke guarantees complete openness regarding the Financial Services Commission (FSC), which oversees SSL, and its participation in and judgments on the situation.
The finance minister made the announcement on Thursday after confirming Everton McFarlane’s resignation as the executive director of the FSC.
A day after presiding over a press conference that left the media with a number of unanswered inquiries regarding the commission’s control over SSL, McFarlane submitted his resignation.
Dr. Clarke noted in a recent statement, “There will be full transparency. No stone will be left unturned in unearthing exactly how funds were allegedly stolen, who benefited from such theft, and who organized and collaborated in this.”
The minister added that SSL’s managers and directors must provide an account for their governance.
The Finance Minister stated, “there are many questions to be answered, such as the time period between becoming aware of this fraud and informing the regulatory and investigative authorities and the actions taken in the interim, among other matters.”
Dr. Clarke stated that the investigation will look to determine whether any assets had been purchased using the money obtained through this crime.
He continued by saying that, should such assets be found, every legal measure will be utilized to seize them in order to complete forfeiture.
This week, SSL’s interim manager was named as the business recovery specialist Kenneth Tomlinson. He must provide advice on how to manage SSL.
The suggestions might include requesting the court to wind up the institution as required by Section 8(b) of The Financial Services Commission Act or returning control of the institution to its board of directors or owners (2001).
Usain Bolt, an eight-time Olympic gold medalist, is one of several people whose Jamaican and US currency investment accounts have been impacted by the alleged SSL scam.
The financial investigations division and the police fraud squad have both said that they are now unable to determine the precise amount of the fraud.
According to early information, a number of senior investors are among those who were reportedly duped in the SSL case.
“On behalf of the Government of Jamaica, we empathize with all investors who have been impacted in this way and particularly those of advanced age, who at some time in the past, brought their working years to a close,” Dr. Clarke noted.
Bolt, a retired athlete, reportedly put a sizable amount of money into his “self-designed pension.”
According to SSL, Bolt’s account had more than US$12 million (J$1.8 billion) as of October 31, 2022, according to his legal firm Frater, Binns, and Gordon. However, there are present $12,000 USD and (J$1.8 million) in the account.
In the interim, the finance minister asked for the public’s tolerance and patience as the Financial Investigations Division (FID) and the Fraud Squad conducted their investigations. He claimed that they had operational independence to follow this inquiry wherever it may go.
“While the feelings and expressions of shock and revulsion are fully justified, a lot of speculative comments and assertions on social media are inaccurate, and some extreme claims seem fueled by perverse motives,” Dr. Clarke added.
